Final regs. provide rules for entities required to file electronically.

• Author: Nevius, Alistair M.

In November, the Service issued final regulations on the requirements for electronically filing returns for corporations and other entities (TD 9363).The regulations affect (1) C corporations and S corporations with assets of more than $10 million and that file at least 250 returns during the year; (2) exempt organizations with assets of more than $10 million that are required to file under Sec. 6033 and that file at least 250 returns during the year; and (3) private foundations and Sec. 4947(a)(1) trusts that are required to file under Sec. 6033 and that file at least 250 returns during the year. The regulations were effective November 13, 2007.

The final regulations adopt, with revisions, proposed regulations (REG-130671-04) that were issued in 2005. They require affected organizations to file returns on magnetic media (including electronic filing), as permitted by applicable regulations and IRS guidance.

In theory, the regulations apply to all forms in the Form 1120, U.S. Corporation Income Tax Return, the Form 1120S, U.S. Income Tax Return for an S Corporation, and the Form 990, Return of Organization Exempt from Tax, series of returns, including amended and superseding returns. A member of the Form 1120 series includes, for example, Form 1120-F, U.S. Income Tax Return of a Foreign Corporation...